Bmw finance question
Motherfluffa
Posts: 3 Newbie
in Loans
Hi there, I've ordered a new bmw which is coming within 4 weeks on pcp, I'm concerned about if I'll be accepted or not since I've been off work for 4 months after a car crash and my credit cards have taken a fair pounding to make up for lost earnings. I have a decent salary over £40k and I have zero missed payments or defaults etc but my score has gone low because of my credit card usage do you think this will make them reject my finance?
0
Comments
-
The lender will not care about your credit score, since it is a meaningless number they will not see. What matters is your credit history, and if that is clear you should be OK.I used to think that good grammar is important, but now I know that good wine is importanter.0
-
So you mean if I have any late or missed payments going over limit etc?0
-
Motherfluffa wrote: »So you mean if I have any late or missed payments going over limit etc?
Yes; that's the sort of thing they will look at; how you've handled credit in the past. Your credit score is determined by firms like Noddle etc. who do not lend money. AFAIK potential lenders cannot see your score, only your history.I used to think that good grammar is important, but now I know that good wine is importanter.0 -
Thank you so much for clarifying that my credit history is 100% on time no missed payments and never over limit, massive relief thanks again.0
-
However they may look at your credit card utilisation - outstanding balance to total limits.0
-
Motherfluffa wrote: »Hi there, I've ordered a new bmw which is coming within 4 weeks on pcp, I'm concerned about if I'll be accepted or not since I've been off work for 4 months after a car crash and my credit cards have taken a fair pounding to make up for lost earnings. I have a decent salary over £40k and I have zero missed payments or defaults etc but my score has gone low because of my credit card usage do you think this will make them reject my finance?
Did you not make a finance application at the time of order? Ever car I have bought new on finance has been done that way.0 -
camelot1971 wrote: »Did you not make a finance application at the time of order? Ever car I have bought new on finance has been done that way.
When I purchased my new BMW on their PCP in Jan, there was no ‘live’ credit application but just a simple paper form.
So no chance for the computer to say no at that stage.
However you have paid a deposit and the finance is secured on the car which can be removed from you so the risk to the lender is lower which is why car finance is ‘easier’ to get than free-standing finance.0 -
Westminster wrote: »When I purchased my new BMW on their PCP in Jan, there was no ‘live’ credit application but just a simple paper form.
So no chance for the computer to say no at that stage.
However you have paid a deposit and the finance is secured on the car which can be removed from you so the risk to the lender is lower which is why car finance is ‘easier’ to get than free-standing finance.
I ordered a BMW 440i back in October and did a live finance application at the same time. In the end I cancelled the order but I knew I had finance in place (for 90 days at least, as that is how long they keep their decision open).0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards